Out of the 480 exploratory oil wells, 101 are scheduled for 2026.
Egypt has announced an ambitious plan to drill 480 exploratory oil wells with a total investment of $5.7bn (E£271.59bn) over the next five years.
This initiative aims to reverse the country’s declining oil production and is part of a broader strategy to establish Egypt as a regional energy hub, reported Reuters.
The Petroleum Ministry’s statement did not specify the investment source but mentioned that 101 wells are scheduled for 2026.
In recent months, Egypt has secured agreements with international energy companies for oil and gas exploration. Egypt is currently one of Africa’s leading oil producers, with a production capacity of approximately 559,000 barrels per day.
The country is capitalising on recent large-scale discoveries such as the Zohr gas field in the Mediterranean, estimated to contain 30 trillion cubic feet of gas.
Earlier this month, QatarEnergy signed an agreement with Shell to acquire a 27% interest in the North Cleopatra block offshore Egypt.
The deal, pending Egyptian Government approval, will see Shell maintain a 36% interest and operate the block. Other partners include Chevron with a 27% stake and Tharwa Petroleum Company holding 10%.
Last year, the Egyptian Government announced plans for significant investments in oil and gas during the 2024/25 fiscal year.
BP has also signed a new agreement to drill five offshore natural gas wells in the Mediterranean within its existing concessions in Egypt.
Offshore drilling contractor Valaris received a contract from BP Exploration Delta, a bp subsidiary, valued at around $140m (£104.85m), including a mobilisation fee.
The contract, set to commence in the second quarter of 2026 and with an estimated duration of 350 days, will cover five wells in Egypt, and includes three option wells.
BP plans to start operations in 2026, focusing on sidetrack, development and exploration wells to enhance natural gas production using existing infrastructure in the West Nile Delta.
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